BAYVIEW ASSET MANAGEMENT, LLC

The Registrant, a Delaware limited liability company, commenced operations in 2008 with investment advisory offices in Coral Gables, Florida, and New York, New York. The principal owner is Bayview Asset Management Holdings, LLC (“BAM Holdings”), with David Ertel controlling the Registrant through his indirect majority ownership in BAM Holdings. David Ertel also controls the Registrant’s affiliated general partner and investment manager entities that advise its Clients. The Registrant and its affiliated general partner and management company entities provide discretionary investment management services to Clients, including the Funds and the SMAs, as more fully discussed in Item 4. The Brochure generally includes information about BAM and its relationships with its affiliates and the Funds and SMAs.

Bayview employs long-term and long/short investment strategies. The long-term strategy focuses on identifying and purchasing undervalued investments with the intention of holding them to maximize value over an extended period. Clients pursuing this strategy may forego short-term gains to capitalize on future opportunities, which could be disadvantageous for investors who withdraw capital before the long-term value is realized. The long/short strategy involves identifying and purchasing undervalued investments while simultaneously identifying and selling short overvalued investments. The success of this strategy depends on accurately recognizing and acquiring these opportunities, which is a difficult task. Clients may incur losses if the perceived opportunities fail to converge toward expected values or if market disruptions force the closure of positions. Additionally, valuation models used to determine attractive opportunities may become outdated and inaccurate.

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